OC Apartment Brokers
SoCal Multifamily Sales Pulse - February 8, 2021 - February 14, 2021
Disclaimer: All information contained herein is obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only. We make no claim(s) as to the accuracy or reliability of the information presented. If you wish for us to analyze your specific property or situation please feel free to call or email us anytime.
Here's What's Happening In The Market, Here’s What This Means For You
February Rent Collections Up From January
The most recent National Multifamily Housing Council Rent Payment Tracker showed an increase in the number of apartment households that made a full or partial rent payment since January.
The NMHC found that 79.2% of respondents in its survey of 11.6 million units made a full or partial rent payment by Feb. 6. In comparison, 76.6% made a full or partial rent payment by Jan. 6, 2021.
Still, the rent payment numbers are much lower than they were before the pandemic. The 79.2% of respondents who made full or partial payment by Feb. 6 is 1.9 percentage point, or 216,479 households decrease from the share who paid rent through Feb. 6, 2020. NMHC says these data encompass a wide variety of market-rate rental properties across the US, which can vary by size, type and average rental price.
New Reports From MBA Predict Lending And Mortgage Maturities To Increase This Year
Commercial and multifamily lending markets are poised for strong growth in 2021. According to a new report from the Mortgage Bankers Association, mortgage maturity volumes are likely to increase 36% this year, while commercial and multifamily lending are forecasted to increase 11%.
Commercial and multifamily mortgage bankers are predicted to close $486 billion this year—an increase from the $440 billion in loan volumes closed in 2020—with multifamily lending driving the growth. The sector alone is set to increase 7% this year, up $323 billion in 2021. By comparison, multifamily lending activity totaled $302 billion in 2020.
Orange County
Just 9 Closed Sales last week for Orange County Multifamily. Orange County usually averages at least 10-12 or more Closed Sales weekly. It was another strong week for New Listings with 16 New Listings. Months of Inventory and Total Number of Active Listings both remained consistent with prior weeks. There were 12 Pending Sales Last Week which is quite a bit more than the usual 2-4 Pending Sales we usually see. This is a result of transactions that the buyer and seller agreed to 4-6 weeks ago.
List of Closed Sales
Southern California
With 9 Closed Sales Last Week Long Beach Multifamily sales stayed consistent with prior weeks. The Active Under Contract and Pending Sales stats were both lower than usual. These two stats are stats we are watching as the last two prior weeks were down also. The Total Number of Active Listings has remained almost the same as the last few weeks averaging around 125 weekly.
List of Closed Sales